Private insurer Reliance Life Insurance Company today said its life insurance policies will be available in electronic demat form across all its products.
"The electronic insurance account will eliminate repetitive KYC requirements and provide one view of policies, premium paid, claim history, nominee details, and bring in all the benefits of demat to the life insurance business, including automatic reminders for premium," Reliance Life Insurance Company (RLIC) Chief Executive Officer Anup Rau said in a release issued here.
Insurance Repository System (IRS) was last week inaugurated by Finance Minister P Chidambaram in Hyderabad to enable and encourage policy-holders to hold their insurance policies in demat form.
The Insurance Regulatory and Development Authority (IRDA) has approved five companies - Database Management Limited, Central Insurance Repository Limited, SHCIL Projects Limited, CAMS Repository Services Limited and Karvy Insurance Limited - as Insurance Repositories (IR).
Total business premium of RLIC, a part of Reliance Capital, for year ended March 31, 2013, stood at over Rs 4,015 crore.